Subject to regulatory approval, JPMorgan Chase, the fourth-largest bank on the planet (in total assets) has confirmed its intent to acquire London’s longtime fintech player, Nutmeg. The purchase is slated to “compliment” the UK launch of JPMorgan Chase's digital bank planned for later this year. Financials and terms of the deal remain undisclosed.
In a statement, CEO of international consumer at JPMorgan Chase Sanoke Viswanathan said, “We are building Chase in the UK from scratch using the very latest technology and putting the customer’s experience at the heart of our offering, principles that Nutmeg shares with us.”
This is a clear indication that JPMorgan Chase isn’t going to be left standing idly by as more and more fintech startups ramp up efforts to become fully-fledged banks. With the acquisition of one of the longest-standing players in the market, JPMorgan Chase solidifies the partnership that began with Nutmeg last November, and aims to come out of the gate strong later this year.